Shares of Reliance Group's media units TV18 Broadcast Ltd. and Network18 Media and Investments Ltd. rose on Friday, after Viacom 18 Media Pvt. secured the five-year media rights for BCCI's home international games for the next five years.
The Mumbai-based media firm—a joint venture between Mukesh Ambani and Paramount Global—spent Rs 5,963 crore or $721 million to broadcast on both TV and digitally stream the matches. Viacom 18 paid Rs 3,101 crore for digital and Rs 2,862 crore for linear or television rights, as per PTI.
Viacom18's new sports channel, Sports18, will telecast all the matches on TV, while OTT platform JioCinema will live stream the matches online. The rights will come into effect with India's three-match home series against Australia beginning Sept. 22, and ending March 31, 2028.
Jay Shah congratulated Viacom18 on winning the BCCI Media Rights.
Congratulations @viacom18 🤝 for winning the @BCCI Media Rights for both linear and digital for the next 5 years. India Cricket will continue to grow in both spaces as after @IPL, and @wplt20, we extend the partnership @BCCI Media Rights as well. Together we will continue to…
August 31, 2023Advertisement
Shares of TV18 Broadcast Ltd. rose as much as 7.08%, before paring gains to trade 3.23% higher at 10:15 a.m., compared to a 0.26% advance in the NSE Nifty 50.
AdvertisementThe stock price hit the highest level in over 15 months since May 5, 2022. The stock has risen 34.5% on a year-to-date basis. The total traded volume stood at 3.5 times its 30-day average. The relative strength index was at 75, implying that the stock may be overbought.
The one analyst tracking the company suggests to 'sell' the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 47.8%.
Shares of Network18 Media and Investments Ltd. advanced 7.97%, before trading 3.88% higher at 10:15 a.m. This compares to a 0.26% advance in the NSE Nifty 50. The share price rose the highest level in over eight months since Dec. 16, 2021.
AdvertisementThe stock has risen 8.02% on a year-to-date basis. Total traded volume so far in the day stood at 7.6 times its 30-day average. The relative strength index was at 72, implying that the stock may be overbought.
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